Bitcoin Surges 11% to New High 118,426 95% Volume Spike

Polymarket, a blockchain-based prediction platform, has indicated an 80% probability that Bitcoin will reach $120,000 by July. This forecast comes as Bitcoin has just set a new all-time high of $118,426 and is currently trading near $118,000. The bullish sentiment is further supported by a significant surge in trading activity, with a 95% increase in 24-hour trading volume reaching $119 billion.

According to Polymarket's data, a majority of crypto community members anticipate that Bitcoin will surpass the $120,000 mark in July. Specifically, 80% of users on the platform expect this target to be met, while a smaller percentage believe the price could continue to rise to $130,000 or even higher. The platform's data also reveals that 26% of users predict Bitcoin will reach $130,000 by the end of the month, with 4% expecting it to hit $150,000. A more optimistic 1% of users believe Bitcoin could climb to $200,000.

However, not all users on Polymarket share this bullish outlook. A portion of the platform's users expect Bitcoin's price to pull back after its recent rally. Real-time data shows that 11% of users think Bitcoin will return to the $100,000 level, while 4% believe it could drop to $95,000. Additionally, 3% of users predict that Bitcoin will end July at $90,000, and a small 1% expect it to crash to $60,000.

Bitcoin's momentum remains strong, with the cryptocurrency trading at $118,011 after reaching its all-time high. The cryptocurrency's fundamental metrics, including a 95% surge in trading volume and a 6% increase in market capitalization to $2.34 trillion, suggest that it could push for higher targets. Despite the majority of Polymarket users projecting a $120,000 target for Bitcoin in July, expert analysts believe the recent move is just a breakout preparing the flagship crypto for even higher targets. The bullish momentum behind Bitcoin suggests it could break above $120,000 in the near future.